SAC's Martoma found guilty of insider trading

February 07, 2014 02:10

A jury found former SAC Capital Advisors LP portfolio manager Mathew Martoma guilty of insider trading, a verdict that burnishes prosecutors' virtually flawless trial record in such cases in recent years and could bolster a related civil case against the firm's founder, Steven A. Cohen.

Martoma was convicted of taking part in what prosecutors say was one of the largest insider-trading schemes ever -- illegal trades on two pharmaceutical companies that helped SAC and its traders book profits and avoid losses worth a total of $276 million.

With the win, the Manhattan US attorney's office has gone 79-0 in securing convictions or guilty pleas in its recent insider-trading crackdown.

"Cheating may have been profitable for Martoma, but in the end, it made him a convicted felon," said Preet Bharara, US attorney for the Southern District of New York, in a statement.

Martoma looked downcast as the jury read the verdict, while his wife's eyes welled up with tears. She began crying as he escorted out of the courtroom, his arm around her shoulder.

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